The Department of Statistics Malaysia (DOSM) has released the State Socioeconomic Report 2023, highlighting key performance indicators for the nation’s economy, inflation, external trade, labour force, and domestic tourism.
Economic Performance
Malaysia’s economy expanded by 3.6 per cent in 2023, reaching RM1.6 trillion, up from RM1.5 trillion in 2022. Selangor, Pahang, Johor, and W.P. Kuala Lumpur outperformed the national growth rate with 5.4 per cent, 5.2 per cent, 4.1 per cent, and 3.7 per cent respectively. These states, along with Sarawak and Pulau Pinang, were the primary contributors, making up 67.7 per cent of the total GDP. The national GDP per capita for 2023 was RM54,612, with W.P. Kuala Lumpur leading at RM131,038.
Inflation Trends
Inflation moderated to 2.5 per cent in 2023, down from 3.3 per cent in 2022. The highest increase was seen in the Restaurants & Hotels category at 5.6 per cent, followed by Food & Beverages at 4.8 per cent. Communication was the only category to see a decrease, dropping by 3.0 per cent. Notably, W.P. Putrajaya recorded the highest inflation rate at 3.4 per cent, while W.P. Labuan had the lowest at 1.6 per cent.
External Trade Statistics
Malaysia’s total trade was RM2.6 trillion in 2023, with exports of RM1.4 trillion and imports of RM1.2 trillion. Pulau Pinang, Selangor, Johor, W.P. Kuala Lumpur, and Sarawak were the top trading states, contributing 80.9 per cent to the total trade. However, exports declined by 8.0 per cent compared to the previous year’s 24.9 per cent growth. The main exports were electrical and electronic products, refined petroleum products, and liquefied natural gas (LNG).
Labour Force
The Labour Force Participation Rate (LFPR) rose to 70.0 per cent in 2023, with the highest rates in W.P. Putrajaya, Selangor, and W.P. Kuala Lumpur. The unemployment rate improved, dropping to 3.4 per cent from 3.9 per cent in 2022. Sabah and W.P. Labuan had the highest unemployment rates at 7.5 per cent and 6.8 per cent, respectively.
Domestic Tourism
Domestic tourism saw a significant increase in 2023, with a 24.6 per cent rise in visitors, totalling 213.7 million. Selangor was the most visited state, followed by W.P. Kuala Lumpur and Sarawak. Domestic tourism expenditure surged by 32.5 per cent to RM84.9 billion, driven by a 34.4 per cent increase in tourist spending.
